Importance of Optimizing Your Cyber Security Program

1
Importance of Optimizing Your Cyber Security
Program

• Copyright by Jmrinfotech.com

2
What is a Cyber Maturity Assessment?

• It is becoming more difficult for the financial
  services industry to keep its Flexcube
  implementation information safe and secure from
  corporate and governmental inspection.
• On top of that, cyber thieves are becoming more
  sophisticated and dangerous. A constantly
  evolving digital ecosystem of Oracle Flexcube
  14.x necessitates that organizations adapt their
  cyber security infrastructure.

Copyright by Jmrinfotech.com
3

• To assess an organization's cyber security
  preparedness, a Cyber security Maturity
  Assessment examines its people, processes, and
  technology to identify its degree of maturity.
  Among other things, it helps organizations
  identify and prioritize the areas of
  vulnerability, show both corporate and
  operational compliance, and transform information
  risk into an economic benefit.

Copyright by Jmrinfotech.com
4

• It is recommended that a Cyber security Maturity
  Assessment be performed if the cyber security
  capabilities of Oracle Flexcube are correctly
  examined across the following cyber security
  dimensions
• Identify Ability to understand and manage
  cyber-security risk
• Protect Ability to protect critical
  infrastructure services
• Detect Ability to identify the occurrence of a
  cyber security event
• Respond Ability to take timely and effective
  action regarding a detected cyber security event
• Recover Ability to maintain resilience and
  restore capabilities impaired by a cyber security
  event

Copyright by Jmrinfotech.com
5
What is the significance of this to the market?

• According to Cyber security Ventures, cybercrime
  will cost the globe more than 6 trillion per
  year by 2021, increasing the previous year's
  figure by 3 trillion. According to the same
  survey, cyber security is the most significant
  corporate governance problem facing organizations
  today, but 87 percent of C-suite executives and
  board members express a lack of trust in their
  cyber security capabilities.

Copyright by Jmrinfotech.com
6

• Although many firms have begun to implement cyber
  risk assessment programs, these programs may
  merely cover a specific security framework or a
  narrow section of the company in shallow detail.
  When it comes to information security, they
  rarely take a complete look at the state of the
  whole organization or present a trustworthy
  security plan for the organization.

Copyright by Jmrinfotech.com
7
There are a few things to keep in mind,
regardless of the size of an organization

• Cyber security is now an issue that banks must
  champion from the top of the organization due to
  the rising number of cyber events affecting
  Financial Service Firms. It is no longer just a
  concern for the IT department.
• Cyber resilience assessments should not be a
  one-time event as threats, cyber-actors, and
  strategies continue to evolve. Instead, they must
  be a continuous process.

Copyright by Jmrinfotech.com
8

• There will be a change in the cyber security
  environment due to new technologies like AI and
  machine learning. This is a threat and a possible
  opportunity to continually improve AI cyber
  defenses. Cyber resilience assessments should
  take into account both the existing and future
  landscapes.
• Emergencies like the recent pandemic have shown
  the importance of finding a middle ground between
  efficiency and adaptability. Organizations that
  can endure or rapidly recover from unexpected or
  challenging situations will significantly
  influence cyber-security as disruptive changes in
  behavior and the usage of technology will
  frequently have. With COVID-19, for example,
  digital transformation has been accelerated and
  finalized.

Copyright by Jmrinfotech.com
9

• Cyber maturity evaluations allow an
  organization's leadership to track progress in
  integrating security into day-to-day and
  long-term operations.
• We feel that understanding current cyber security
  capabilities of Oracle Flexcube universal banking
  are crucial to any organization's success.

Copyright by Jmrinfotech.com